This is all you need to know - the market continues to be very active and prices are stable.
The super-heated housing market in Metro Vancouver cooled slightly in May but the Greater Vancouver Real Estate Board says sales still remained active.
A statement from the Real Estate Board of Greater Vancouver says 4,268 homes changed hands across the region last month, a 13% drop compared with April. While May didn't match record-breaking activity seen earlier in the spring, the board says transactions were still 187.4% higher than those recorded in May last year during the pandemic shutdown.
Focusing on the Downtown Vancouver condo market in May 2021, there is consistent activity in all price brackets under $2.5 million.
The under $900,000 market is selling at 45%, 180 out of 397 homes are selling, which is the same percentage as last month.
The $900,000 to $1,000,000 market is selling at 33%, 24 out of 73 homes are selling, up 3% from last month.
The $1,000,000 to $1,250,000 market is selling at 30%, 26 out of 88 homes are selling, which is the same percentage as last month.
The $1,250,000 to $2,000,000 market is selling at 16%, 29 out of 179 homes are selling, down 5% from last month.
The $2,000,000 to $2,500,000 market is selling at 21%, 10 out of 47 homes are selling, down 3% from last month.
The $2,500,000 to $3,000,000 market is selling at 6%, 2 out of 36 homes are selling, up 6% from last month.
The $3,000,000 to $5,000,000 market is selling at 3%, 2 out of 65 homes are selling, down 12% from last month.
The $5,000,000 plus market is selling at 0%, 0 out of 51 homes are selling, down 6% from last month.
Total unit sales in Downtown Vancouver were up 4% from last month and up 187% from May 2020 - during the Covid Lockdown.
Those who are priced correctly for this market are selling on average at a rate of 9 days, which is the same as last month.
The median price decreased 4% from last month, and the median price decreased 2% from May 2020.
The average price per square foot decreased 1% from $1,057 in April to $1,041 in May.
Our Downtown Vancouver inventory has increased 9% as there are presently 936 active listings.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in the Downtown, West End and Yaletown areas. And the buyers’ best bets are units priced between $2.5 to $3.5 million, in particular condos in Coal Harbour.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian